Bang & Olufsen A/s · OMXCOP:BO
Bang & Olufsen A/s — Q3 2025 Earnings Presentation
18 slides from Bang & Olufsen A/s's earnings presentation, Apr 9, 2025
Slide 1: Q3 2024/25 Webcast presentation
April 2025 Q3 2024/25 – December 2024-February 2025 Webcast presentation
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities issued by Bang & Olufsen a/s in any jurisdiction, including the United States of America, Canada, Australia, Japan or
Slide 3: Agenda
Agenda # Key Highlights # Business review # Financial review # Outlook 24/25 3|
Slide 4: Q3 key highlights - topline growth, margin improvement and profit, according to plans
Q3 key highlights - topline growth, margin improvement and profit, according to plans Q3 2024/25 9M 2024/25 Revenue • Group revenue grew by 2% in local currencies driven by DKK 631m DKK 1,873m growth in EMEA and the Americas, while APAC declined. 2% growth in local currencies -4% growth in local cur
Slide 5: Enhancing brand awareness
Enhancing brand awareness The fifth joint creation with Saint Laurent. The 2025 Formula 1 season kicked off in Ten restored original Beogram 4000 Series March 2025 and featured Ferrari’s new F1 car turntables, with each piece individually with B&O branding prominently displayed. numbered. 5|
Slide 6: Channel development – agreements signed for win city openings in 2025/26
Channel development – agreements signed for win city openings in 2025/26 Monobrand * Multibrand EMEA Store opened in Milan in April 2025 and agreement PoS Q3 2024/25 Q3 2023/24 Q3 2024/25 Q3 2023/24 signed to open company-owned store in Paris in 2025/26. Expansion of our Harrods store with new store
Slide 7: New product innovations and certifications
New product innovations and certifications Beoplay Eleven Two Cradle to Cradle B&O Atelier certifications 7|
Slide 8: Financial Review Q3
Financial Review Q3
Slide 9: Tariff impact
Tariff impact • Americas revenue around 13% of total revenue. • Estimated direct impact from current tariff implementations of around DKK 70 million on annual basis. • Mitigation factors through price increases to be implemented 1 May. • Additional measures to be considered in terms of pricing, supp
Slide 10: Like-for-like sell-out growth of 21% in branded channels
Like-for-like sell-out growth of 21% in branded channels Regions Product Categories Regions 18% 24% • EMEA: Branded channels grew double-digit across channels. EMEA Staged 15% • Americas: Branded channels combined reported a high double-digit increase year-on-year driven by solid growth in 49% -7% a
Slide 11: Group revenue grew by 2% in local currencies
Group revenue grew by 2% in local currencies DKKm Group revenue Product sales Brand partnering & other activities 3% in LC 2% in LC 700 698 543 561 -2% in LC 655 631 71 70 619 614 On the go 153 163 544 97 Flexible Living 105 Staged 285 301 Q3 23/24 Q3 24/25 Q3 23/24 Q3 24/25 • Increase in Staged cat
Slide 12: Growth in EMEA and Americas, while APAC declined; improved gross margins
Growth in the EMEA region and solid revenue growth from the Americas, while APAC declined. Improved gross margins across regions EMEA Americas APAC DKKm DKKm DKKm 6.2% 352 23.3% 342 303 311 311 86 86 211 293 8.5% 78 72 180 182 251 70 68 172 165 67 163 164 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1
Slide 13: Record-high gross margin of 55.4% and EBIT margin of 3.8%
Record-high gross margin of 55.4% and EBIT margin of 3.8% % Gross margin % EBIT margin bsi* +2.2 pp 2.0 pp 55.2% 53.7% 55.4% 3.8% 52.6% 53.1% 53.2% 54.3% 3.0% 2.6% 1.8% 1.8% 1.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 -3.1% 23/24 23/24 23/24 23/24 24/25 24/25 24/25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 23/24 23/24 23/24 23/24 24/25 2
Slide 14: Capacity costs increased; inventories decreased to DKK 413m
Capacity costs increased mainly due to one-offs and increased development costs Inventories decreased to DKK 413m, the lowest level in three years Capacity costs Net working capital DKKm DKKm Administration costs Distribution and marketing Development costs +3% 380 311 355 366 297 +2% 37 286 282 38
Slide 15: Free cash flow improved by DKK 13m year-on-year
Free cash flow improved by DKK 13m year-on-year Free cash Flow CAPEX Capital resources DKKm DKKm DKKm Intangible Tangible +13 +11 43 71 532 30 24 57 59 18 54 5 48 344 42 40 310 323 318 299 319 38 60 43 48 33 32 34 -36 19 15 -61 10 11 6 11 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q
Slide 16: Narrowed ranges within original outlook for 2024/25
Narrowed ranges within original outlook for 2024/25 Mid-term financial ambitions Revenue growth in EBIT margin bsi* Free cash flow Organic growth local currencies 8% CAGR** 25/26-27/28 DKK -3% to 3% -2% to 1% -100m to 0m Outlook EBIT margin bsi* FY 2024/25 Expected to be in the Expected to be in the
Slide 17: Q&A
Q&A
Slide 18: Investor Relations Contact
INVESTOR RELATIONS CONTACT Cristina Rønde Hefting +45 41 53 73 03 crrh@bang-olufsen.dk 18 |